–project creates opportunity for over 50 direct jobs

THE physical landscape of Eccles, East Bank Demerara, is set to be transformed with the construction of a US$25 million wharf facility to service Guyana’s fast-growing oil- and-gas sector.
This modern facility is being constructed by TKK Properties Incorporated, a company registered in Guyana since 2017.
Based on a project summary seen by the Sunday Chronicle, the wharf will sit directly in the Demerara River, 11 meters from the high-water mark along the western boundary of the 9.1-acre property.
The structure, which will be 30 meters wide and 256 meters long, will comprise pre-stressed/precast concrete members, and will be built at a finished elevation of 18.7 meters.
Once completed, the wharf is expected to accommodate a total of three vessels measuring 75 meters. The project will create direct jobs for over 50 persons during and after the construction phase.
As outlined by the company in its project summary, the motivation behind the construction of this facility is the willingness of several companies to be involved in the development of Guyana’s petroleum sector.
“The company has been actively involved in negotiations with several foreign companies for the provision of shore-base and logistics services for operators in Guyana’s newly developing petroleum sector,” TKK Properties said.
Timely development of such projects, and simultaneous exploration success offshore will enable the steady advancement of human resource capabilities and enhanced economic growth.
Outside of investments within the oil-and- gas sector, there has also been immense direct benefits as a result of the country’s oil resources.
It was reported recently that revenue generated from the local oil-and-gas sector is expected to catapult Guyana to the ranks of wealthiest countries in the Western Hemisphere, thereby increasing the government’s fiscal space to invest in initiatives geared at expanding the economy, and improving the overall welfare of citizens.
“Guyana is now poised to be one of the wealthiest countries in the hemisphere; we intend to employ the gains from exploiting these deposits into initiatives geared at expanding the economy, improving competitiveness, giving people the best social services, increasing productivity, enhancing food production, and building new sectors,” President Dr. Irfaan Ali had said during a virtual faculty workshop on the microeconomics of competitiveness hosted by the Harvard Business School.
In painting a vivid image of what is expected from the oil-and-gas sector in the near-term, Dr. Ali said that by 2025, operating cash flow based on total investment, is expected to reach US$3.5 billion.
The performance of this sector is expected to improve even further as the years go by, since the success rate is 80 per cent, and there are already 28 commercial discoveries in the Stabroek Block.
With this, the country has estimated recoverable resources of over 10 billion oil-equivalent barrels.
The Stabroek Block currently has three identified production areas, namely: Liza Phase One, Liza Phase Two, and Payara. Production capacity is expected to reach 340,000 barrels per day following the commencement of production at Liza Phase Two.
This is expected to increase to 560,000 barrels per day in 2024, when the Payara project comes on stream.
Further, with an anticipated fourth production area, the Yellowtail, estimates are poised to reach 810,000 barrels per day by 2026/27, and additional developments under consideration could see Guyana reaching one million barrels per day by 2030.
Operators within the Kaieteur and Canje Blocks also advanced exploration programmes in 2021, with additional wells likely to come online in the last quarter of 2022. In addition, exploration activities will continue in the Kanuku Block.
As reported, in the third quarter of this year, the government will be holding auctions and bidding rounds for available acreages of offshore blocks.